India, May 23 -- Top finance officials of the G7 nations have highlighted a major global "economic imbalance" and have vowed to work towards improving this together. Expressing their unity as the world's wealthiest nations, the G7 nations have agreed to work their way to counter China's trade practices.

After the meetings led by Canadian finance minister Francois-Philippe Champagne, the G7 nations issued their final communique which sends a "clear signal to the world that the G& is united in purpose and in action."

In this document, officials from the US, Canada, the UK, Japan, Germany, France and Italy stated they would monitor "nonmarket policies and practices" in order to counter global imbalances. While their statement does not expl...